Cameroon targets 5.5 pct growth in 2012: budget
by Tansa Musa

Reuters    Translate This Article
18 November 2011

YAOUNDE (Reuters) - Cameroon will raise spending 8.9 percent in 2012 in an effort to stimulate the economy of the oil-producing central African state, according to a draft budget due to be delivered to parliament on Friday [18 November].

Cameroon—central Africa's largest economy, but also one of its slowest growing—will see GDP expand 5.5 percent next year, up from 4.1 percent this year, according to the budget, a copy of which was obtained by Reuters.

'The 2012 state budget seeks to stimulate economic recovery and set the basis for Cameroon becoming an emerging economy by 2035,' it said.

Cameroon's expenditures will rise 8.9 percent to 2.8 trillion CFA francs, with spending aimed at infrastructure and developing its energy, agriculture and mining sectors.

Fuel subsidies will also remain in place, with some 170 billion CFA set aside in the budget.

'The expenditure forecasts will give priority to the fight against poverty and reducing high cost of living by continuing to subsidize fuel products, among others, and greater allocating of investment budget resources to growth-enhancing sectors,' it said.

Cameroon is one of Africa's oldest oil exporters, but production has been in decline since the mid-1980s as offshore fields fall into decline, putting at risk one of its main revenue generators.

Exploitation of rich minerals reserves have also been held back by a power deficit, though the government has said it hopes hydropower projects will triple electricity generation to 3,000 MW by 2020.

The country intends to spend some 287.6 billion CFA francs during the year to settle public debts, with 149.1 billion for internal and 88.5 billion for external debts, and 50 billion for paying treasury bonds.

Cameroon's Prime Minister Philemon Yang is expected to present the budget to the National Assembly on Friday afternoon.

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